The importance of mobile payment solutions for business
In today’s digital world, accepting a variety of payment methods is essential to your success.
By ATB Financial 12 May 2023 2 min read
When you’re running a business, it’s incredibly important to be able to take payments wherever your customers are, using whatever methods are most convenient for them
In our increasingly digital world, most people no longer carry significant amounts of cash in their wallets. If you’re selling products at a market or a pop-up, or if your service company travels to your customers, you’re going to need a mobile electronic payment system.
Why are electronic mobile payment solutions important?
Simply put, if your business does not accept electronic forms of payment, you’re at risk of losing sales. According to a 2020 study by the Bank of Canada, the average Canadian has about $70 in their wallet — but one-fifth of us carry no cash at all. In fact, Canada is one of the leading countries when it comes to going cashless. A recent Global Payments Report projects that by 2025, cash will only make up three per cent of all point-of-sale transactions in Canada — one of the lowest cash payment rates in the world.
In any retail environment—from mall outlets to farmers’ markets—customers expect to be able to pay using their debit card, credit card or mobile wallet, as well as cash. Implementing a strong merchant solution program (including software and hardware) can make it easy to accept all these payment types and ensure your business is ready for future advancements in payments.
How will the ability to collect electronic payments on-the-go impact my growing business?
The ability to take payment on location, such as at a pop-up or a customer’s house, has a number of benefits:
- Instantly verified payments—no chasing customers down, no invoicing.
- Decreased cost—Visa & Mastercard charge a premium for keyed transactions, but not for mobile payments.
- Safer payments—chip and pin (or contactless) transactions are the safest way to accept payments, and decrease your risk of chargebacks, or simply not getting paid.
Are there affordable electronic payment systems that reduce barriers to entry for startups?
Yes. Typically, setting up a traditional electronic payment account can be both time-consuming and expensive. You might end up paying a setup fee, monthly admin fee and a device rental cost.
Recently, many payment processors have started offering flexible plans designed to help new businesses start accepting mobile payments quickly and inexpensively.
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